Problem
The following data have been gathered for Syncronics, Inc.:
1) The July 31 bank balance was $4,000,
2) The bank statement included $65 in service charges.
3) There was an EFT deposit of $900 on the bank statement for the monthly rent from the tenant.
4) Checks #541 and #543 for $205 and $320, respectively, were not among the canceled checks returned with the statement, therefore the checks are outstanding.
5) The July 31 deposit of $350 did not appear on the bank statement
6) The bookkeeper had erroneously recorded a $50 check as $500. The check was written to a vendor to pay- off an accounts payable.
7) Included with the canceled checks was a check written by Syncronize Corporation for $200 which was deducted from Syncronics' account.
8) The bank statement also included an NSF check written by Multimedia, Inc for a $460 payment on accounts receivable.
9) The cash account showed a balance of $3,200 on July 31.
Task
• Prepare the July 31 bank reconciliation for Syncronics Inc. Make sure Both Balance per bank and balance per book equals in the end.